Feb. 18 (Bloomberg) — Consumer debt in the United States rose by the most in more than six years last quarter as Americans borrowed to buy homes and cars and to pay for education, according to a survey by the Federal Reserve Bank of New York.
Household debt increased 2.1 percent $11.52 trillion, the biggest gain since the third quarter of 2007, the survey showed. The level of debt last quarter was $180 billion higher than a year earlier, the report showed.
"After a long period of deleveraging, households are borrowing again," Wilbert van der Klaauw, senior vice president and economist at the New York Fed, said in a statement.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
